Bitmine Expands Ether Treasury as Russell 1000 Inclusion Boosts Institutional Exposure
Bitmine Immersion Technologies is accelerating its Ether accumulation strategy after purchasing roughly $43 million worth of ETH last week, strengthening its position as the largest publicly traded corporate holder of the cryptocurrency.
The latest acquisition added more than 27,000 Ether to Bitmine’s treasury, bringing its total holdings to over 5.7 million ETH. The company said its average purchase price stands at $1,569 per token, with its reserves now representing approximately 4.7% of Ethereum’s total supply — putting it within reach of its long-term goal of controlling 5% of all ETH in circulation.
The purchase came as Bitmine entered the Russell 1000 Index, a move expected to increase exposure to the company among institutional investors. The index tracks the largest publicly traded companies in the United States and is widely followed by mutual funds, exchange-traded funds, and pension funds that adjust holdings based on index membership.
Bitmine Chairman Tom Lee said the crypto market faced a difficult period last week as Ether declined around 8%, but pointed to several developments supporting Ethereum’s long-term outlook, including increased activity around Ethereum-focused initiatives and shifting regulatory views on stablecoins.
The company believes its Russell 1000 addition could attract a broader base of institutional shareholders. Lee previously noted that passive index funds can represent a significant portion of demand for newly added companies, potentially increasing ownership from traditional investment vehicles.
Despite the index milestone, Bitmine shares faced recent pressure alongside the wider crypto market. The company’s stock ended Monday trading at $13.80 after a 1.7% daily gain, although it remained down over the previous week as Ether prices weakened.
Bitmine’s expansion also highlights a growing trend among publicly listed companies building crypto treasury strategies. Other firms, including Sharplink Gaming, Forward Industries, Gemini, and Galaxy Digital, were also added to the broader Russell 3000 Index, increasing Wall Street exposure to companies tied to digital assets.
Ether’s recent drop below $1,600 created short-term pressure for crypto investors, with Lee suggesting some selling may have been driven by portfolio adjustments and end-of-quarter positioning. However, Bitmine continues to expand its ETH reserves, betting that institutional adoption of Ethereum will grow over time.